KYC, or Know Your Customers, is a crucial aspect of any business. By understanding the buying behavior of your customers, whether they are emotional or logical buyers, you can better tailor your products and services to meet their needs and preferences. In this article, we’ll explore the importance of KYC and how it can help you build stronger relationships with your customers.
What is KYC and why is it important?
KYC, or Know Your Customer, is the process of gathering information about your customers to better understand their needs, preferences, and behaviors. This information can help you tailor your products and services to meet their specific needs, which can lead to increased customer satisfaction and loyalty. KYC is important because it allows you to build stronger relationships with your customers, which can ultimately lead to increased sales and revenue for your business.
Identifying logical buyers vs emotional buyers. Let’s understand.
Understanding the buying behavior of your customers is crucial in the KYC process. One way to do this is by identifying whether your customers are logical buyers or emotional buyers.
Logical buyers make purchasing decisions based on facts, data, and rational thinking. They are more likely to compare prices, read reviews, and consider the practical benefits of a product or service.
Emotional buyers, on the other hand, make purchasing decisions based on their feelings, desires, and personal values. They are more likely to be influenced by advertising, branding, and the emotional appeal of a product or service.
By identifying these two types of buyers, you can tailor your marketing and sales strategies to better meet their needs and preferences.
Who Are Logical Buyers ?
This is the kind of a buyer who does tons of research when looking to buy something. They would get all technical specifications, know what the product is made out of, the durability, the different size and color options, the best prices and so on. Before purchasing, they want to make sure they’re making the right decision. They tend to buy because of a specific need.
Types of Logical Buyers
- One may want to know the dimensions of the product
- The other may want to know what the product is made from (materials, ingredients, etc.)
- Then, how is the product sourced?
- Next, what’s the quality like ?
- Next, how to care for the product ?
- Furthermore, is the price okay ?
- Lastly, how is the product packaged &
- What are the color/size options ?
Who Are Emotional Buyers?
This is the kind of buyer, who does an emotional purchase, meaning the transaction is ruled by emotions. Sometimes, there could be a logic behind the purchase, but if the main driving force is the feeling or emotion of the customer, then it certainly is an emotional buy.
Types of Emotional Buyers
- One type of Emotional buyer might want to make a decision to buy, due to envy, which is based on the intrinsic characteristics of humans to compare ourselves with others.
- The other type may want to buy because of their gut feel or because of their sentiment or love.
- The third type may also want to make a purchase due to the “pride” factor, which is having an edge over other folks or positioning yourself as being “better”.
- Lastly, the fearful types or the ones who have the fear of missing out. Which means, while others are doing it but he is being left behind…
How To Find Buyers On The Basis Of Astrology !
Astrology is also a very important tool by which you can know your customer/buyer behavior. The date of birth & Zodiac sign signify the most significant details of your customer as it combines personality, identity, and other significant characteristics.
Hence, by looking at your customer’s birth chart and by the positioning and movement of the celestial bodies of planets and stars, you can make out whether your customer is an emotional or a rational/logical buyer.
Tailoring your marketing approach to different buyer types.
Once you have identified whether your customers are logical or emotional buyers, you can tailor your marketing approach accordingly.
For logical buyers, focus on providing detailed information about your product or service, including features, benefits, and pricing. Use data and statistics to back up your claims and provide comparisons to similar products or services.
For emotional buyers, focus on creating a strong brand identity and emotional connection with your audience. Use storytelling, imagery, and personal values to appeal to their emotions and desires.
By understanding the buying behavior of your customers and tailoring your approach, you can increase your chances of success in the marketplace.
Gathering customer data to improve your KYC strategy.
Gathering customer data is essential to improving your KYC strategy. You can use a variety of methods to collect data, including surveys, focus groups, and customer feedback.
Analyzing this data can help you identify patterns and trends in your customers’ behavior, preferences, and needs. This information can then be used to create targeted marketing campaigns and personalized experiences that resonate with your customers.
By continually gathering and analyzing customer data, you can stay ahead of the competition and build long-lasting relationships with your customers.
Continuously updating and refining your KYC approach.
KYC is not a one-time process, but rather an ongoing effort to understand your customers and their changing needs. As customer behavior and preferences evolve, so should your KYC strategy.
Continuously updating and refining your approach can help you stay ahead of the competition and provide a better customer experience. This includes regularly collecting and analyzing customer data, as well as staying up-to-date on industry trends and best practices.
By staying agile and adaptable, you can build stronger relationships with your customers and drive long-term success for your business.
Before you master your customer’s buying motivations, you must first do a KYC of your customer by understanding the standard customer buying behavior(logical or emotional), because ‘you have to learn the rules before you break them’.